Rupee eases on importer dollar demand

Tuesday, 19 November 2013 00:36 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended a tad weaker on Monday in thin trade, hovering around its near six-week low, surrendering early gains on late importer dollar demand from State banks, currency dealers said. The spot rupee ended at 131.10/15 per dollar, slipping from Friday’s close of 131.10/12. It closed at 131.10/20 on Thursday, near its lowest close since 4 October. “There was last-minute importer dollar demand from State banks,” a currency dealer said on condition of anonymity. Dealers said the rupee is still under downward pressure due to importer dollar demand ahead of the year-end festive season. However, the pressure should start to ease on offshore remittances by the middle of next month, they said. The rupee hit a record low of 135.20 on 28 August, but has managed to stem further losses and has gained 3.10% since then.

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